Disposal of sinking fund when debentures are redeemed by purchase or by annual drawings

In the case of drawing debentures, so much of the monies appropriated under section 12 of this Act as shall not be required for the immediate payment of interest and the accumulations thereon shall be held by the Accountant General in trust to apply them to the purchase of the debentures when they can be obtained at a price not exceeding par, and, secondly to the redemption of the debentures by means of annual drawings in the manner following, (a) after the commencement of the contributions to the sinking fund in respect of any loan, and so long thereafter as any of the debentures remain outstanding, the Minister shall, in every year, unless the whole of the money applicable in that year to the redemption of debentures has been applied in the purchase thereof, appoint a day in that year for the drawing by lot of the debentures to be (b) if a day is appointed for drawing, the Accountant General shall give by 8 advertisement in the Gazette and in any local newspaper circulating in Belize, not less than fifteen days’ previous notice, specifying the day on which, and the hour and place at which, the drawing will take place; (c) on the day and at the hour and place so specified the Financial Secretary and Accountant General or any other officers appointed by the Minister for the purpose shall hold a meeting at which the holder of any debenture may, if he thinks fit, be present, and shall then in the presence of such debenture holders as may attend, draw by lot, out of the whole number of debentures for the time being outstanding, debentures of the specified nominal amount; (d) the Financial Secretary and Accountant General or any other officers appointed under paragraph (c), shall thereupon declare the distinguishing numbers of the debentures drawn for redemption, and the Accountant General shall as soon as may be by advertisement in the Gazette and in any local newspaper circulating in Belize, specify those numbers and appoint a day not being later as to each debenture than the day on which the then current half-year’s interest thereon is payable, and on which the principal monies represented by the so distinguished will be repaid; (e) notice of the drawn for redemption shall also be sent by post to the registered holders of such debentures; and (f) from and after the day so appointed the Accountant General shall, at his office, pay 9 on demand to the holders of the debentures drawn for repayment the principal monies represented by those debentures, with all interest payable thereon up to the appointed day.